Mortgage Application Process Guide

Have you found your dream home and are ready to take the leap towards buying it? This guide outlines the application process and how our Mortgage Broker Ltd specialist will work with you throughout.

On your first call to one of our qualified Mortgage Brokers they will listen to your requirements and answer any initial questions you may have. To enable them to find the most suitable deals on offer from over 90 lenders and over 12000 mortgages. They will need to know a few details about you and your mortgage requirements to enable them to complete a short Fact Find. From the information you provide they will then use our bespoke sourcing technology to find the most suitable products.They will look at these products and provide you with their expert advice as to the lowest cost options available to you.

In many cases there will be more than one suitable scheme. Different lenders have different features and benefits, the adviser will ensure that you are aware of all the details and will make a recommendation based on your personal circumstances. They will provide you with a detailed illustration (Key Facts Illustration or KFI) on all the schemes that are suitable within minutes. These illustrations will provide all the information you need to know about the mortgage products that they are recommending and the fees involved. Being a completely transparent broker their illustrations will be fully regulated by the Financial Conduct Authority (FCA) and will highlight details such as the lender, the interest rate, the type of mortgage product, the overall cost of the mortgage, your monthly payments, the risks involved, the total amount of fees payable, any insurance obligations, any penalty charges, any additional features and the amount that we will get paid by the lender for introducing the business.

Once you have made a decision to proceed with the recommended mortgage product, the majority of lenders they deal with will allow them to obtain a decision in principle. The decision in principle puts you, the client, in a very strong position when house buying as it shows the estate agent and vendor that you are a serious prospect with pre arranged funds at hand – allowing you to negotiate on the sales price or complete with speed if required. Once you are happy with the mortgage that has been recommended and you have been approved by the lender your adviser can then complete a full mortgage application online. In some circumstances (depending on the lender) you can have a mortgage offer within 24 hours. If speed of service is important to you then you have found the right company to deal with.

When a full mortgage application has been completed you will be allocated a dedicated case manager to see your application through to completion. The case manager will keep you informed on the progress of your application on a regular basis; help you overcome any stumbling blocks with the lender, the estate agents and solicitors. Our broker’s administration team work closely with your Mortgage Broker allowing constant interaction to ensure the speedy resolution of any problems that may occur during processing. This alleviates the delays that many businesses suffer from with interdepartmental delay whilst they wait for memos and post to be delivered and responded to across different departments in different locations – sometimes regions.

Mortgage Application Process Guide

Have you found your dream home and are ready to take the leap towards buying it? This guide outlines the application process and how our Mortgage Broker Ltd specialist will work with you throughout.

1

Your First Choices

The first, most important steps are to choose a property area to buy from, and to choose a mortgage. Our advisers will help you find a mortgage that suits your needs and circumstances.

2

Place a deposit

Providing a deposit is a major step, and being able to put down a larger deposit can give you access to more attractive mortgage deals. You will not need to transfer the deposit to your solicitor ready to exchange contracts, but you will likely have to prove you have access to the funds before the process begins.

3

Make an Offer

Once you know how much money you can borrow, you can then narrow down your property search and make an offer to the vendor, confirming the price you are willing to pay.

4

Advice

Should your offer be accepted, you can then discuss your mortgage needs and preferences with your mortgage adviser. Your financial circumstances and objectives will be assessed in detail, to determine your ability to support your mortgage.

Mortgage Application Process

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